A coalition of US crypto firms has created a centralized solution to the information sharing requirements of the travel rule.
Last year, the Financial Action Task Force recommended that participating nations implement a travel rule for virtual asset service providers — essentially entities that facilitate transactions — in its. The travel rule seeks to curb money laundering and terrorist financing by requiring VASPs to gather and transmit names, account numbers and location information for both the sender and the recipient in a transaction.
Coinbase heads up the coalition, announcing a white paper for a peer-to-peer information network operated by a governance body of participants. TRUST is the result. Though Coinbase kicked off the effort, members have equal stake and say in the decision-making, according to Anchorage's head of compliance Jennifer Lee.The solution allows information to be directly transmitted between the platform's members through end-to-end encrypted channels.
"Depending on each member's timeline in terms of integration with the solution, we're going to see a phased rollout across our current members, and then we already have members who are outside of the US, specifically in Canada," said Lee.
FUCK FATF's bullshit any privacy rules that are completely ineffective at AML/CTF. We need to push against it for change not collaborate with it.
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Source: Cointelegraph - 🏆 562. / 51 Read more »